Monday, June 15, 2015

Greece refuses to cut public pensions and wages.....

.....because running the printing press to meet public spending goals worked out SO WELL in Weimar Germany, interwar Austria, Hungary, Yugoslavia, Zimbabwe, and half of the countries of Africa and Latin America. 

I understand not everyone tends towards the classical and Austrian understandings of economics that I tend to hold, but one would hope that even the Keynesians and socialists out there understand that the choices facing Greece (and, ahem, the United States pretty soon) are (a) painful austerity through pension and wage cuts and (b) extremely painful austerity as no sane lender wants to do business in Greece.

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